Understanging the Subcontractors Tax Regulations (RCT)
The Relevant Contract Tax (RCT) Regulations affect almost every State & Semi State body and business engaged in the construction industry where insufficent knowledge of the practical application of the regulations can lead to serious problems on Revenue Audits. This is a comprehensive 1 day training course on the operation of the Relevant Contracts Tax 9RCT) Regulations for the Builders, COntractors, Subcontractors, Forestry, Meat Processing and for Hauliers in the Building Industry. The course is delivered by specialist tax consultants, including former Revenue auditors, who have unrivalled experience in the operation of the Irish tax system.

Principal Contractors and Sub Contractors
RCT is a system of tax deduction where principal contractors deduct tax at 35% from payments to sub-contractors who do not have a certificate of authorisation (C2) and for whom they have not received a relevant payments card. RCT applies to both resident and non resident sub-contractors. This training course will deal with each of the following topics:

• The new Form RCT1 which must be completed by all principals and subcontractors
• The new VAT rules for subcontractors and why they will not charge VAT after 1 Sept 2008
• How contractors have to self account for VAT on the reverse charge basis and what this means for them
• The operation of Subcontractors Regulations
• Who is a “Principal Contractor”?
• Who is a subcontractor and who is an employee?
• What are relevant operations – do they include haulier’s, crane operators, skip hire etc.
• What is a relevant contract?
• Who is a subcontractor (certified and uncertified)?
• What are the tax obligations of Principal Contractors and subcontractors?
• What is a C2 and how do you deal with subcontractors who hold a C2 and those who don’t?
• What happens if RCT is not deducted?
• What at the VAT implications of RCT deductions?
• From what payments is RCT deducted?
• Must a Principal Contractor apply for a relevant payments card each time he enters into a contract with a subcontractor?
• What constitutes a gang and how do I deal with payments to gangs or groups of sub-contractors?
• What happens when a sub-contractor starts a new job?
• What is a form RCT1 and must I complete one for every job?
• What happens if I don’t have a C2?
• How do I qualify for a C2 and can I appeal Revenue’s decision to refuse to issue a C2?
• Can a C2 be cancelled or withdrawn and if so how?
• What are contract limits?
• What is a Form RCTDC and how do I get a credit for RCT deducted?
• How can I claim a refund of RCT?
• Can I be a Principal Contractor and a sub-contractor?
• What payments is RCT not deducted from?
• Records, Revenue Audits and Penalties.
• Question and Answer Session

CPD/CPE Hours

Attendance at this seminar may qualify for 7 CPD/CPE hours for members of the Institute of Chartered Accountants in Ireland, the Association of Chartered Certified Accountants, the Institute of Certified Public Accountants in ireland, the Irish Taxation Institute, the Law Society and the Institute of Accounting Technicians in ireland and other professional bodies.

Timetable

Courses run from 10.00am - 4.30pm - tea/coffee on arrival. mid-morning & mid-afternoon and lunch will be provided

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Course Fees:

(Additional 10% discount applies for IPASS Members)

CPD/CPE Hours: Attendance at this seminar may qualify for 7 CPD/CPE hours for members of the Institute of Chartered Accountants in Ireland, the Association of Chartered Certified Accountants, the Institute of Certified Public Accountants in ireland, the Irish Taxation Institute, the Law Society and the Institute of Accounting

Technicians in Ireland.

No dates scheduled yet for 2010
To be kept informed of upcoming dates on this course plese email courses@ipass.ie